UCPB Savings income up in first semester

MANILA, Philippines - UCPB Savings Bank (UCPB Savings) has posted a 22-percent increase in its net income to P192 million in the first half of 2015.

The thrift bank’s loan portfolio level increased nine percent to P10.34 billion year-on-year in the first semester, with real estate loans posting the highest growth.

On the other hand, deposits rose four percent to P10.08 billion compared to last year’s figures. This was marked by a 16.5-percent improvement in CASA deposits.

Higher-costing time deposits declined by four percent as part of the bank’s  strategic direction of the bank to improve its margins. 

In response to the call of the Bangko Sentral ng Pilipinas (BSP) for financial inclusion, UCPB Savings expanded its branch network by opening additional five branches in under-banked areas such as Batac, Ilocos Norte; Lingayen, Pangasinan; Naga, Cebu; Borongan, Samar; and Tagum, Davao del Norte from June 2014 to October 2015.

To date, it has 42 branches and 43 automatd teller machines (ATMs) nationwide.

This year, the bank plans to open its branch in Mabalacat, Pampanga and a lending office in Balanga, Bataan.   

Apart from regular deposit products such as savings, checking and time deposit accounts, UCPB Savings also offers consumer loan products such as real estate loans, vehicle financing, small business loans suited for small and medium-sized entrepreneurs, and cash/salary loans for seafarers, employees of accredited private companies, public school teachers and government employees.

Recently, it launched its Kiddie Savings Account and E-cash card product.

This year, UCPB Savings Bank received four certificates of recognition from BancNet including an Award for Financial Inclusion for operating ATMs in remote locations such as Numancia in Aklan, Aloran in Misamis Occidental, Caramoan in Camarines Sur, La Castellana in Negros Occidental, Sta. Ignacia in Tarlac, and Tuburan in Cebu.